Submitted March 1, 2003, 6:10 AM
During what years were you an active day trader?
Still am and will always be an active day trader. First full time day trading was 1/13/2000
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How developed were your computer skills before you day traded? What software did you use to trade? Did day trading affect your use of computers for things other than personal finance?
I had above averages skills when I started. Very experienced with most of Microsoft's software packages. I use TradeStation 2000i. Since my window to the market is through the computers I use I have learned a ton about using PC's, maintaining and upgrading PC's.
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What was your employment status before, and during the time you day traded?
I was laid off from my job as a Credit Manager the day before I started my full time trading. I had fully intended to quit as I already had multiple PC's, my trading software and a real time data feed set up the day I was laid off. At the time I was coming home for a late lunch and would squeeze off a trade or two during my lunch hour. It was a pleasant surprise to be laid off because I was quiting anyway and my severance package just added several months to the amount of time I had to get profitable before my cash reserves ran out.
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Did you day trade at work, at home, or in a trading office? How many hours a day did you trade?
I trade from my home office. I typically only trade the regular 6.5 hour session but I easily average 2-3 hours of preparation for the day before the regular session open and 2-3 hours of "after-action" type reports and review. I have NEVER worked harder at something and was no stranger to long hours before I started trading. My first 3.5 months of trading I pulled all nighters 2 nights a week in an effort to jump start my performance. I still pull 1-2 all nighters per month doing various projects of research or studying new methods.
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Where did you access information for your day trading? Online or offline? From chat groups, message boards, websites, or other sources?
My information resources encompass all of the above. I highly recommend new traders seek out other traders as much as possible. Identify successful traders whose style seems to click with you and try to first learn how they think and then do what they do. This can be done through free message boards or through paysites that will train you in their methods. I know of pay sites that charge $250 a month but will have times when you can make a years worth of the service in one week. Finding the right one can be well worth the effort and "expense."
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What has been the result of your day trading? Were you financially successful? How has trading affected your professional and personal life? What are your thoughts about your experience?
Looking for a "result" is not relevant for me because my journey has just begun. After my first 2.5 years I have become consistantly profitable but still have mostly mental issues to overcome to become even more profitable. Learning to trade has been the most painful experience of my life but in the last 6 months I now know I will be able to look back on it as the most rewarding. If I just keep doing what I have been doing daily my family and I will enjoy a lifestyle few can even dream about. The beauty of being a successful trader is I don't have employees, a factory or customers to worry about. I trade when I want too. I know traders that make close to 7 figures annually and take 5 months of the year off.
Since learning to trade was so painful for me I have decided to embark on a mission to help as many traders as possible "come over from the darkside." I intend on reaching as many as I can in order to get them to make the mental changes it takes to be profitable in this business as fast as possible. Its my way of giving back to all those that came before me who have written a book, posted something on a message board, started a paysite or taken a moment of their day to teach me something.
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In addition to saving your story to the archive, may we post it to the web? (yes/no)
What is the highest level of education you have completed? (optional - will not be posted on the web)
How did you hear about this project? (optional - will not be posted on the web)
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